Sinosteel Cam SA, a unit of China’s Sinosteel Corp., plans to spend $660 million at the Lobe iron ore project in Cameroon, said Fang Gao, a spokesman for the company.
Sinosteel Cam and the central African nation’s government will sign a development deal for the project, 40 kilometers from the seaside town of Kribi, where a port is being constructed, said Fuh Calistus Gentry, secretary of state at the Ministry of Mines, Industries and Technological Development. Gentry and Gao spoke in separate interviews in Cameroon’s capital, Yaounde, today.
The company has conducted feasibility studies, and will be issued a production license, Gentry said. Annual production is seen at 4 million tons over 25 years, Gao said.